News Column

Susser reports net income of $14.3M for 2013

February 27, 2014

Corpus Christi Caller-Times, Texas



Feb. 27--CORPUS CHRISTI -- Susser Holdings Corp. in reporting 2013 financial results Wednesday championed its 25th consecutive year with an increase in same-store merchandise sales, and the company also reported an increase in retail fuel sales and a nearly 6 percent increase in consolidated revenues.

Susser, Corpus Christi's only Fortune 500 company, reported a same-store merchandise increase of 3 percent, and consolidated revenues rose to $6.2 billion, according to a news release.

Merchandise sales totaled $1.1 billion, a 9.2 percent increase from 2011, and the margin remained 33.9 percent, the company reported.

Susser also announced in January the acquisition of the Sac-N-Pac convenience store chain in Central Texas, and the company opened 29 large-format Stripes locations in Texas.

"We are very pleased with our most recent acquisition, the Sac-N-Pac retail convenience stores serving communities in the fast-growing (Interstate) 35 corridor in South Central Texas and a related wholesale fuel supply business," said Sam L. Susser, chairman and chief executive officer. "We have completed the integration of those businesses into our organization and our back office systems, and they are performing well, due to the quality of the real estate and the 'can do' attitude of the Sac-N-Pac and Stripes team members who drove the smooth transition.

"We feel very confident about the long-term growth potential in our key markets in Central Texas, where job growth and major capital investments are creating strong opportunities to expand both our retail and wholesale businesses."

Average retail fuel gallons per store increased 7.8 in the fourth quarter, while it was up 5.8 percent for the full year.

Gross profit totaled $644.2 million, an increase of 5.4 percent, due to approximately $32 million contribution from new stores opened in the past year and the impact of increased merchandise and fuel volumes at existing stores.

Reported net income for the full year 2013 was $14.3 million, or $0.66 per diluted share, versus reported net income of $46.7 million, or $2.19 per diluted share in 2012. A reconciliation of reported to adjusted earnings is provided later in this news release.

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(c)2014 the Corpus Christi Caller-Times (Corpus Christi, Texas)

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Source: Caller-Times (Corpus Christi, TX)


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